The D.C. Circuit Court of Appeals struck down most of the FCC's 2010 Open Internet Order on Tuesday, rejecting the FCC's power to impose and enforce network neutrality rules on Internet service providers (ISPs).

Network neutrality is a principle that requires ISPs to treat all (legal) Internet traffic the same way. It requires that ISPs do not block the delivery of data packets for any reason, and that they do not give certain data packets priority delivery status over others. This ensures that consumers have unfettered access to all sites.

Unless you own stock in AT&T or Comcast, the D.C. court's decision is sobering news. The abandonment of these core net neutrality principles could radically change the Internet. Here's how and why.

The decision could bring about a less innovative Internet.

The Internet can be seen as a big marketplace, where companies big and small can come and sell their services. No one is barred from exhibiting, and Internet companies big and small are charged the same amount to set up their kiosk.